Singapore police warn against FTX phishing scams

Singapore police have reminded investors to beware of websites that falsely claim they can help them recover assets from cryptocurrency exchange FTX, which has now ceased operations.

Local news source Channel News Asia said that on November 19, police issued a warning about a website that claimed to be operated by the United States Department of Justice and urged FTX users to register using their account credentials.

Customers of the site, who has not been named, are led to believe that they “could withdraw their assets after paying the legal costs”. The website is aimed at local investors who have been affected by the collapse of FTX.

Authorities said the website was a phishing scam designed to trick naïve people into divulging their personal information.

Fake online articles offering cryptocurrency auto trading systems in the country seem to have flourished lately; therefore, local authorities have warned citizens to beware of such content when browsing the Internet.

These articles often include famous Singaporean politicians, such as Tan Chuan-jin, who is the speaker of the Singaporean parliament.

While this isn’t the first time Singapore police have issued public warnings of crypto fraud, new market advancements have made investors more vulnerable to assault than before.

One million creditors and investors are expected to have been negatively affected as a result of the FTX bankruptcy.

They could potentially lose billions of dollars as a group.

The city-state has issued several warnings to investors that digital assets are highly volatile, and it has even banned the promotion of cryptocurrencies on social media platforms.

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